Dubai Investment Capital's renewed £400 million ($800m) bid for Liverpool Football Club has been rejected, according to press reports.
Liverpool's co-owners Tom Hicks and George Gillett are understood to have rejected DIC's bid, which would have given the Americans a profit of £25m each on their stakes.
Hicks "turned down their offer immediately upon receipt", a person involved with the negotiations said, adding that the Texan billionaire is willing to allow Gillett to sell 49% of his stake as long as Hicks gets the other 1%.
DIC had given the Americans 24 hours to accept its offer, an executive working on the bid said. A Dubai spokeswoman earlier denied reports that the duo had been given such a deadline.
DIC, the investment arm of the UAE's ruling royal Maktoum family, was originally in competition with Gillett and Hicks to buy the club from former owner David Moores before withdrawing in favour of the American duo in January last year.
"It's no secret that we have been in discussions with the current owners," DIC chief executive Sameer al-Ansari, a Liverpool fan, told www.skysports.com earlier on Tuesday.
"It's not easy because the owners are in dreamland about valuations at the moment," he added.
Dubai's $800m offer rejected